"Equity Investments":Equity Valuation: Concepts and Basic Tools

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Questions 1:

A company’s market information and balance sheet data at the end of fiscal year

2012 are as follows:

Equity Investments:Equity Valuation: Concepts and Basic Tools

If an analyst estimates that the market value of the company’s investment securities is 115% of their reported value, the company’s ratio of price to adjusted

book value is closest to:

A、 0.91.

B 、0.96.

C、 1.10.

Questions 2:

A market index contains the following two securities:

Equity Investments:Equity Valuation: Concepts and Basic Tools

The total return on an equal-weighted basis is closest to:

A、 –1.75%.

B、 2.78%.

C、 2.25%.

View answer resolution

【Answer to question 1】A

【analysis】

A is correct. Adjusted book value per share = (Adjusted value of Assets – Total liabilities)/ Number of shares Market value of assets = 0.4 + 1.2 + 40.0 + (6.0 × 1.15) + 30 = $78.5 million Market value of liabilities = 1.0 + 61.0 = $62.0 million Adjusted book value per share per share = (78.5 – 62.0)/1.0 = $16.5 Price-to-adjusted book value = $15.00/$16.50 = 0.91 B is incorrect. It uses reported book value. Book value per share = 15,600,000/1,000,000 = 15.6 Price-to-adjusted book value per share = 15/15.6 = 0.96 C is incorrect. It is adjusted book value-to-price ratio.

Equity Investments:Equity Valuation: Concepts and Basic Tools